An incisive and comprehensive exploration of value investing in the real worldIn the newly revised second edition of Common Stocks and Common Sense: The Strategies, Analyses, Decisions, and Emotions of a Particularly Successful Value Investor, celebrated Wall Street value investor Ed Wachenheim walks readers through eleven revealing case studies of real-world investments made by the author's firm, Greenhaven Associates. Each case uncovers unique insights into the technical and human elements that go into any profitable investment transaction.This latest edition includes brand-new content with coverage of the electric vehicle (EV) market, and in-depth discussions of General Motors. Refreshed and renewed content also appears throughout the book, with several new investment theses appearing for the first time in this edition. Readers will also find:An emphasis on the softer, human side of value investing, including the biases and emotions that can get in the way of successful investmentsNew material covering emerging and high-growth industriesValue investing advice that goes beyond balance sheets and technical ratiosAn essential handbook for retail value investors everywhere, Common Stocks and Common Sense will also earn a place on the bookshelves of portfolio and fund managers, securities analysts, and anyone else with a personal or professional interest in the financial markets. Read more

Beyond Budgeting is the idea of making organizations perform better by changing their management model, including abolishing the traditional budgeting process. The model’s tested and proven leadership and management process recommendations makes organizations more adaptive and human, and helps making agile transformations successful. This book is written for decision makers within an enterprise. In nontechnical language it explains what Beyond Budgeting is, how it works, and why it improves performance through the use of actual cases where it has been implemented. It discusses what challenges will need to be overcome to make implementation succeed and provides the many benefits that can be realized once the organization has completed the implementation. Read more

A fun and authoritative guide to bitcoin and the future of moneyIn Catching Up to Crypto: Your Guide to Bitcoin and the New Digital Economy, celebrated crypto and Bitcoin expert Ben Armstrong delivers an exciting and fresh new exploration of Bitcoin and digital currencies. He explains what Bitcoin is, how it works, and how and why we’re all transitioning to a digital economy as we speak. He discusses the deficiencies of traditional fiat currency, how it’s commonly manipulated, and how we can all benefit from the adoption of new, digital assets. In the book, you’ll discover how Bitcoin operates in the real-world and how the underlying technology―known as the blockchain―operates. You’ll also learn about: The importance of decentralization, trust-less commerce and cryptographic consensus.The humble origins of Bitcoin, as well as how it nearly died out, and how it went on to take over the worldHow monetary and financial policy is being revolutionized by the introduction of Bitcoin and other crypto-assets.An essential and engaging review of Bitcoin, digital assets, and the new digital economy, Catching Up to Crypto is the hands-on and comprehensive introduction to crypto that investors, enthusiasts, the crypto-curious, and finance professionals have been waiting for. Read more

The classic work from the “father of value investing”―fully updated for today’s generation of investorsFirst published in 1934, Security Analysis is one of the most influential financial books ever written. With more than million copies sold, it has provided generations of investors with the timeless value investing philosophy and techniques of the legendary Benjamin Graham and David L. Dodd.Security Analysis, Seventh Edition features the ideas and methods of today’s masters of value investing, who discuss the influence of Graham and Dodd on today’s markets and contextualize the philosophy that has influenced so many famous investors.The successful value investor must constantly be in the process of reinvention, of raising his or her game to navigate the terrain of new eras, novel securities, nascent businesses, emerging industries, shifting standards, and evolving market conditions. With the diverse perspectives of experienced contributors, this new edition of Security Analysis is a rich and varied tapestry of highly informed investment thinking that will be a worthy and long-lived successor to the preceding editions. Read more

RISK MANAGEMENT AND FINANCIAL INSTITUTIONSTHE GOLD STANDARD IN FINANCIAL RISK MANAGEMENT TEXTBOOKSIn the newly revised sixth edition of Risk Management and Financial Institutions, celebrated risk and derivatives expert John C. Hull delivers an incisive and comprehensive discussion of financial risk and financial institution regulation. In the book, you’ll learn to understand the financial markets, the risks they pose to various kinds of financial institutions, and how those risks are affected by common regulatory structures.This book blends discussion of best practices in risk management with holistic treatments of how financial institutions are regulated. It explores market, credit, liquidity, model, climate, cyber, and operational risk.This latest edition also offers:Updated ancillary and digital materials covering all the latest content, including software, practice questions, and teaching supplementsAccess to an updated website that reflects the new contentFulsome coverage of the most important financial market developments since the publication of the fifth edition, including regulatory changes, the growing importance of climate risk, the use of machine learning models, and the disappearance of LIBORA must-have resource for undergraduate and graduate students of business and finance, Risk Management and Financial Institutions, Sixth Edition, cements this celebrated text as the gold standard in risk management resources. Read more

A comprehensive modern introduction to risk and portfolio management for quantitatively adept advanced undergraduate and beginning graduate students who will become practitioners in the field of quantitative finance. With a focus on real-world application, but providing a background in academic theory, this text builds a firm foundation of rigorous but practical knowledge. Extensive live data and Python code are provided as online supplements, allowing a thorough understanding of how to manage risk and portfolios in practice. With its detailed examination of how mathematical techniques are applied to finance, this is the ideal textbook for giving students with a background in engineering, mathematics or physics a route into the field of quantitative finance. Read more

Nowadays, finance, mathematics, and programming are intrinsically linked. This book provides the relevant foundations of each discipline to give you the major tools you need to get started in the world of computational finance. Using an approach where mathematical concepts provide the common background against which financial ideas and programming techniques are learned, this practical guide teaches you the basics of financial economics. Written by the best-selling author of Python for Finance, Yves Hilpisch, Financial Theory with Python explains financial, mathematical, and Python programming concepts in an integrative manner so that the interdisciplinary concepts reinforce each other. Draw upon mathematics to learn the foundations of financial theory and Python programming Learn about financial theory, financial data modeling, and the use of Python for computational finance Leverage simple economic models to better understand basic notions of finance and Python programming concepts Use both static and dynamic financial modeling to address fundamental problems in finance, such as pricing, decision-making, equilibrium, and asset allocation Learn the basics of Python packages useful for financial modeling, such as NumPy, pandas, Matplotlib, and SymPy Read more

In CIMA E1: Managing Finance in a Digital World, you will examine how organisations are structured to operate effectively in a digital world, how organisations achieve strategic objectives through efficient management and effective interactions, and the role of finance in the digital business transformation, focusing on digital skills, leadership and management.Astranti study texts have been used by thousands of CIMA students in preparation for their management accountancy exams. They cover the entire CIMA syllabus for the 2019 exams and onwards and have been carefully written to be concise and easy to read but detailed enough to clearly guide you through the topics you must know in order to pass the exams.Prepared by our expert team of professional writers the study texts feature:Full syllabus coverageClear and simple explanations for ease of understandingCarefully worked step-by-step examplesCondensed and focused on likely exam contentLinked with our chapter-by-chapter revision questions available to purchase on Astranti.comGo to www.astranti.com/cima to find out more about related CIMA videos, courses and mock exams. Read more

Discover how to handle your money today so you can put yourself on track to financial freedom.Are you having a hard time budgeting your money to the point where it gets you into debt?Do you think you’re spending money wisely, but your savings are still not enough to build your wealth?Are you wondering what side hustles you can do and how you can create different streams of passive income to reach financial freedom?If you relate to any of these, then your decision to look for a solution shows that you’re already wise enough to begin your journey to financial success.Whether you are still a student or a young professional just starting out, understanding personal finance is one of the best decisions you’ll ever make.The way you handle your money today will determine your financial status in the future. Remember, your future depends on what you do today.But if you’re like most young adults, you probably haven’t gotten very far in improving your finances.As Vince Shorb, CEO of the National Financial Educators Council, once said, “College graduates spent 16 years gaining skills that will help them command a higher salary; yet little or no time is spent helping them save, invest and grow their money.”Do you still have no idea what a credit score is? Are you confused about interest rates and how to maximize the use of your credit card? Are you only relying on your current job to earn money?It’s not your fault if you’re not well-informed about making and managing money, but it will be if you choose to stay ignorant.You need to equip yourself with the information, practices, and strategies that will help you manage and multiply what you currently have so you can build a future free of money worries.That’s how you can benefit from this book. Inside, you will discover:● The first step you need to take to achieve financial freedom● Why lottery winners go broke (pay attention to this or you’ll always be poor)● How to leverage your credit card to your advantage● How to create various sources of passive income so you can build your wealth with little to no effort● Why living below your means is a smart habit — and how you can do it properly● 5 reasons why you need to understand personal finance at a young age● How you can benefit from having a good credit score — and what you should do to increase it● 10 common financial mistakes and how you can avoid them● How insurance works — and why buying insurance is not an expense, but an investment● Different ways to build multiple streams of income so you can achieve your financial goals faster● 7 types of personal budgets — know which one is right for you● How to spend your money wisely by learning to become a smart shopperAnd much more.You don’t need any financial background to understand what’s inside this guide. With tips and tricks included at the end of each chapter, you can immediately apply the lessons you’ve learned to grow your money.The best time to prepare for your future is now… your future self will be thankful for what you’ve done today to attain financial freedom.If you want to secure your future and start building your wealth by getting your finances in order, then scroll up and click the “Add to Cart” button right now. Read more

In its 18 chapters, this book encompasses all issues facing modern insurance and reinsurance.This book provides a theoretical basis and practical insight into the factors influencing disruptions and evolutionary adaptation of insurance and reinsurance.Reviewers recommend the book to insurance professionals, businesses, government representatives, undergraduate and graduate students, and anyone who needs to learn or has an interest in learning about risk, insurance, and reinsurance and the challenges that will determine the development of insurance and reinsurance in the coming decades of 21st century.The book encompasses 18 different topics that will shape the insurance and reinsurance industry in the 21st century, including catastrophes, climate change, integration processes, changes to the insureds, inclusiveness of insurance, ESG in insurance, digitization issues in insurance and reinsurance (big data, internet of things, blockchains, and InsurTech), strategic management in insurance and risk management, reinsurance portfolio optimization, education in insurance and reinsurance, risk management trends, challenges of insurers as institutional investors, corporate entrepreneurship in insurance and reinsurance, competition, the role of the state, and risks of the 21st century in insurance.The author used a vast opus of literature from 439 sources, 47 graphic representations, and 24 tabular representations.EXCERPTS FROM REVIEWSThe insurance and reinsurance industry faces numerous challenges, including catastrophes, climate changes, integration processes, increased responsibilities to society and the environment, policyholders' habits, digitization, risk management trends, competition, and changing risks.Professor Njegomir has analyzed and presented the key trends that characterize the contemporary insurance and reinsurance industry and will continue to determine the future of this industry throughout the 21st century.In a highly professional, original, detailed, and engaging manner, the author has indicated and described the key challenges that lead to disruptions in insurance and reinsurance and highlighted the most relevant issues shaping the evolution of insurers and reinsurers.Professor Njegomir has written the book in an accessible, systematized, and informative way. The theoretical foundation and practical applicability of the presented issues, combined with the many years of successful professional experience and academic and empirical research by the author, guarantee this monograph's theoretical and practical value.The book is intended for insurance professionals, government representatives, undergraduate and postgraduate students, and all those for whom it is necessary to learn about or wish to become more familiar with the main issues insurance and reinsurance companies face. We recommend this book to the broader educational, scientific, and professional public. Emeritus Prof. Dr. Boris MarovićAcademician Univ. Prof. Dr.phil. Dr.habil. Wolfgang RohrbachProf. Dr. Zdravko Petrović Read more

I was very impressed with the quality of the materials. They were so well written and much easier to understand than my previous provider’s official texts. So much so that I passed my E2 exam gaining my highest grade so far using Astranti’s study text. - Gayle June 2019Simple, easy to understand and very effective, notes are logical and very easy to follow. - Monique June 2019I like how it's condensed and easy to read. - Paul December 2020After having cancelled my P1 and E1 exams because I was failing to understand the concepts under another tuition provider I decided to use Astranti books. These are well explained with detailed examples. I managed to pass my subjects on first time attempts. - Isheunesu December 2021What I really liked were Astranti's Study texts. They were written in this engaging, interactive way which I personally found very interesting (I usually zone out and get really bored) when I have to read extremely theoretical content. - Clare December 2020The Astranti study texts have been used by thousands of CIMA students in preparation for their management accountancy exams. They cover the entire CIMA syllabus for the 2019 exams and onwards and have been carefully written to be concise and easy to read but detailed enough to clearly guide you through the topics you must know in order to pass the exams.Prepared by our expert team of professional writers the study texts feature:Full syllabus coverageClear and simple explanations for ease of understandingCarefully worked step-by-step examplesCondensed and focused on likely exam contentLinked with our chapter-by-chapter revision questions available to purchase on Astranti.comGo to www.astranti.com to find out more about related CIMA videos, courses and mocks exams. Read more

In CIMA P1: Management Accounting, you will study the application of tools and techniques in financial decision-making and strategy, with an emphasis on cost management, budgeting and using financial and non-financial information.Astranti study texts have been used by thousands of CIMA students in preparation for their management accountancy exams. They cover the entire CIMA syllabus for the 2019 exams and onwards and have been carefully written to be concise and easy to read but detailed enough to clearly guide you through the topics you must know in order to pass the exams.Prepared by our expert team of professional writers the study texts feature:Full syllabus coverageClear and simple explanations for ease of understandingCarefully worked step-by-step examplesCondensed and focused on likely exam contentLinked with our chapter-by-chapter revision questions available to purchase on Astranti.comGo to www.astranti.com/cima to find out more about related CIMA videos, courses and mock exams. Read more

An irreplaceable roadmap to modern risk management from renowned experts on the subjectEdited by a co-founder and the former Chief Risk Officer of BlackRock―the world’s largest asset manager―BlackRock’s Guide to Fixed-Income Risk Management delivers an insightful blueprint to the implementation of a comprehensive investment risk management framework for buy-side firms. Leveraging the unprecedented academic and professional experience of current and former senior leaders in BlackRock’s risk and portfolio management functions, as well as trading, financial modeling, and analytics experts, the book serves a practitioner’s guide to investment risk management, leveraging BlackRock’s risk management framework. The included chapters combine to provide chief investment officers, risk managers, portfolio managers, researchers, and compliance professionals an approach to investment risk management well-suited for today's and tomorrow's markets. The book also presents:Critical elements that underpin a strong risk management program and cultureFixed income risk management concepts and theories that can be applied to other asset classesLessons learned from financial crises and the COVID-19 PandemicIdeal for undergraduate students and students and scholars of business, finance, and risk management, BlackRock’s Guide to Fixed-Income Risk Management is a one-of-a-kind combination of modern theory with proven, practical risk management strategies. Read more

The ecosystem of digital assets continues to change exponentially. In post-COVID times, digital assets may be seen as a cheaper, more liquid, and transparent safe haven compared to that offered by more traditional asset types. Inclusion of new digital assets, especially cryptocurrencies, in portfolios of standard financial assets has been the subject of some academic study, but the theoretical and practical implications of this new trend are not yet fully understood. Digital Assets is the first book to present a comprehensive review of studies on the valuation and pricing of cryptocurrencies and digital assets. Outlining a new research agenda aimed at understanding the fundamental drivers of the value of cryptocurrencies, it brings together an impressive line-up of academics and practitioners to provide a timely perspective on government responses and regulatory approaches towards digital assets, including the setting of new legal frameworks. Read more

An eye-opening deep dive into the sources and consequences of how China has financed it’s rise to global economic prominenceIn The Red Dream: The Chinese Communist Party and the Financial Deterioration of China, veteran finance executive Carl Walter uses his unique experience in Chinese finance to deepen his exploration of how the Chinese Communist Party finances its obsession with GDP growth and social control. Overwhelmingly debt-fueled, the party’s financial strategy has driven an unsustainable growth in banking and state enterprise assets. Inevitably the party’s own financial health is being severely weakened and China’s future over the next decades put in doubt. You’ll also find:A discussion of the financial power of local governments and the Ponzi scheme created by their sale of land use rightsHow China’s entry into the World Trade Organization gave rise to today’s ChinaHow the party and China’s regulators enable banks to present outstanding performance metricsAn exploration of the party’s financial assets and liabilities since 1979Examples of financial crisis management and related costs incurred by China and the USA look at Japan’s experience as a potential guide for China future developmentAn essential read for anyone interested in international economics, geopolitics, and finance, The Read Dream will also earn a place in the hands of finance professionals, bankers, policymakers, corporate strategists, and investors. Read more

This is the 10th edition of John Tiley’s classic textbook on revenue law, covering the UK tax system, income tax, capital gains tax, inheritance tax and corporation tax, as well as incorporating sections dealing with international and European tax, savings, charities, and - new to this edition - value added tax and stamp duties.The new edition has been comprehensively revised and fully updated with the latest case law, statutory and other developments, including the Finance Act 2021. The book’s companion website provides bonus chapters on investment intermediaries, pensions, charities, and the UK’s value added tax and stamp duties. The companion website will also supply annual updates to the print edition as well as study questions to help students navigate this complex subject.The book is designed for students taking modules in tax law in the final year of their law degree, or for more advanced courses. It is also a valuable resource for academics and professionals in the field. It provides an account of the rules as well as citation of the relevant literature from legal periodicals and some discussion of, or reference to, the background material in terms of policy, history or other countries’ tax systems to give readers a contextual overview of the subject.Accompanying online resources for this title can be found at bloomsbury.pub/tileys-revenue-law. These resources are designed to support teaching and learning when using this textbook and are available at no extra cost. Read more

If your work deals with finance, you must understand how the real-world impacts of climate change are reshaping stakeholders’ expectations. Businesses cannot sit back and be passive spectators of the government’s actions. Rather, they need to participate in efforts to combat climate change and contribute in different ways. Many long-term investors are increasingly concerned that failure to act could endanger the long-term returns on their assets. BlackRock CEO Larry Fink has already issued several warnings in letters to shareholders.Climate Finance will help you act in a positive way. It provides a comprehensive overview of climate-related financial issues. Finance is about linking demand for capital to suppliers of capital. Defined in this broad sense, finance (including financial players such as shareholders, debtholders, capital markets, regulators/central banks, and boards) has an important role to play in tackling the challenges ahead. The book covers every aspect of climate-related finance and disentangles the complex layers of decision-making around it.Climate Finance:Provides an in-depth understanding of the various aspects of climate finance, from the risks and opportunities, to the demand and supply of capital, to the impact of global policies.Presents frameworks for readers to help them better understand the field, and how finance and climate are linked.Covers all the financing activities of companies, both through the debt side and the equity side, while addressing the financial market aspects of these activities (including green finance instruments, sustainability-linked products, ESG investment, climate financing, institutional investors, ESG ratings, activist investors, etc.).Allows reader to assess their contributions, risks, opportunities, and personal role in the coming transitionHelps investors and companies make more informed capital allocation decisions by appropriately incorporating all risksProvides empirical evidence for the links between financial actions and climate related risks and opportunitiesHighlights relevant frameworks and evidence from markets, academic research, and practical case studies featuring leading companies and investors.In addition to being a useful guide for finance leaders and practitioners, this book can also be used in business education (MBA, master’s, and executive education programs). It is based on many years of teaching and consulting with world-class corporations from all continents of the world.A big funding gap exists between what we have right now (the Paris Agreement signatures) and what we need in the future (the actual infrastructure, supply chains, and corporate frameworks to deliver on those agreements). It is clear that bridging this gap should now be the priority for executives, board members, and investors. Climate Finance will help you be part of the solution to the greatest challenge facing humankind today. The book will help you make the right choices and take meaningful action to protect the long-term interests of your organization against the financial threats posed by climate change. Read more

The brand-new edition of this classic guide for high-level investors covers the latest tools and techniques for dealing with all aspects of fixed-income portfolio managementFixed Income Mathematics is known around the world as the leading guide to understanding the concepts and evaluative methodologies for bonds, mortgage-backed securities, asset-backed securities, and other fixed income instruments―and the fifth edition gets you up to date on the newest analytical frameworks.Fixed Income Mathematics begins with basic concepts of the mathematics of finance, then systematically builds on them to reveal state-of-the-art methodologies for evaluating them and managing fixed-income portfolios. Concepts are illustrated with numerical examples and graphs, and you need only a basic knowledge of elementary algebra to understand them.This new edition includes numerous entirely new chapters―Risk-Adjusted Returns, Empirical Duration, Analysis of Floating-Rate Securities, Holdings-Based Return Attribution Analysis, Returns-Based Style Attribution Analysis, Measuring Bond Liquidity, Descriptive Measures, and Machine Learning―and provides substantially revised chapters on:Interest rate modelingProbability theoryOptimization models and applications to bond portfolio managementHistorical return measuresMeasuring historical return volatilityThe concepts and methodologies for evaluating fixed income securities have changed dramatically over the past 15 years. This edition explains the numbers behind these changes and provides the knowledge you need to consistently control both the cost and risk of investing in debt. Read more

Taxation has been seen as the domain of charisma-free accountants, lawyers and number crunchers – an unlikely place to encounter big societal questions about democracy, equity or good governance. Yet it is exactly these issues that pervade conversations about taxation among policymakers, tax collectors, civil society activists, journalists and foreign aid donors in Africa today. Tax has become viewed as central to African development.Written by leading international experts, Taxing Africa offers a cutting-edge analysis on all aspects of the continent’s tax regime, displaying the crucial role such arrangements have on attempts to create social justice and push economic advancement. From tax evasion by multinational corporations and African elites to how ordinary people navigate complex webs of ‘informal’ local taxation, the book examines the potential for reform, and how space might be created for enabling locally-led strategies.The eBook editions of this book are available open access under a CC BY-NC 3.0 licence on bloomsburycollections.com. Read more

Understand the investment template that dominates the pension industryLiability-Driven Investment is the practitioner’s guide to this increasingly popular investment template. Already the dominant framework for pension schemes in Europe and the UK, the LDI market is expected to grow significantly with the shift from Defined Benefit to Defined Contribution, and then into Digital Asset Management ― or Robo-Advice. With an aging population and significant under-saving globally, more and more finance professionals will need to know how to work within and around the LDI framework; this book provides clear explanations for the framework's usefulness and growing popularity to help practitioners find their bearings in and around the LDI space.The ultimate goal of LDI is to move beyond simple asset value maximisation and ensure that investors have sufficient funds to pay liabilities. This informative guide digs into that basic premise to show the various mechanisms, guidelines and practices that make up the framework's "working parts."Discover the optimal investment strategies in multiple assets classesUnderstand the key characteristics of the instruments used, including bonds, interest rate derivatives, and inflation linked productsLearn why pension companies and individual investors are moving toward LDIExplore the ways in which the explosive growth of Robo-Advice will change retail investmentFinance professionals have long been accustomed to shifting landscapes ― it is taken as a given that prevailing thought and attendant practices will change over time ― but the rapid expansion of LDI has taken many by surprise. Having already been established as the dominant framework for pensions, it is clear that the emphasis on LDI will only continue to grow. Liability-Driven Investment tells you what you need to know in order to work effectively with LDI. Read more